But in 2018 this commodity has never looked better.

According to market data from the Australian Wool Exchange (AWEX) the Eastern Market Indicator settled at a record high of 1822c/kg this week.

This signaled the 13^th high in the indicator since July last year. And for those in the Riverina the industry is in the box seat to capitalise on the market. Trent Fordham runs Riverina Wool Testers in Wagga and said the high prices marked a brilliant start to 2018. 

He said growers were to be congratulated for investing in better genetics and sticking by the industry. And it was these growers who were now being rewarded during the current price high. 

“The rewards are paying off for anyone who has stuck with the Merino sheep industry,” he said. 

Mangoplah wool grower Paul Cocking, “Kaloona”, said the industry was in amazing shape. 

He said it was initially difficult to gauge just how much wool was about and a lot of it had been stored as tops and yarn. “Ultimately this is supply and demand, a lot of the wool has been used, but the buyers of the fabric are still happy to pay a higher price,” he said. 

“And this has given processors the confidence to pay higher prices too.” Mr Cocking said the industry had aligned and it wasn’t just wool which was doing well. Prices for young ewes and surplus sheep were high too.

And while the national flock numbers were low he said there was still value for money in buying good-quality replacement stock. “Even at the high prices people are paying I think the young ewes are worth the money,” he said.

Mr Cocking said he believed the high prices were her to stay for a while yet too. 

AWEX figures show that most categories rose by 50c/kg to 100c/kg in the past week at Australian auction sales.